Every 424B that MicroSectors FANG & Innovation -3x Inverse Leveraged ETN (BERZ) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow BERZ and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BERZ filings page.
Bank of Montreal is offering senior medium-term, auto-callable, principal-at-risk securities linked to the U.S. Global Jets ETF, with a $1,000 face amount per security and no periodic interest.
The notes can be automatically called on scheduled dates from March 2027 to February 2029 if the ETF’s closing value is at or above a threshold equal to 85% of the starting value. In that case, investors receive $1,000 plus a call premium of at least 7.13% to at least 21.39%, depending on the call date.
If the notes are never called and the ending value is below the threshold, the maturity payment equals $1,000 × (performance factor + 15% buffer), exposing investors to 1‑for‑1 downside beyond a 15% buffer and potential loss of up to 85% of principal. The estimated initial value is $964.60 per security on the preliminary date and will not be less than $914.00 at pricing, below the $1,000 offering price due to structuring, hedging costs and dealer compensation. The notes are unsecured obligations subject to Bank of Montreal’s credit risk, will not be listed on any exchange, and may have limited or no secondary market liquidity.
Bank of Montreal is offering senior unsecured medium-term notes that pay a fixed 5.05% annual interest rate in cash, with interest paid semi-annually each February 24 and August 24, starting August 24, 2026. Each Note has a $1,000 principal amount and is scheduled to mature on February 24, 2038, when holders are paid principal plus any accrued interest, unless the Notes are redeemed earlier.
The bank may redeem the Notes in whole at 100% of principal plus accrued interest on any February 24 or August 24 from 2028 through 2037. The Notes are not listed on any securities exchange, so liquidity may be limited. They are designated as bail-inable notes, meaning they can be converted into common shares of Bank of Montreal or its affiliates, or varied or extinguished, under Canadian bank resolution powers. The offering price is $1,000 per Note, including a $20 underwriting discount, resulting in $980 in proceeds to Bank of Montreal per Note sold. The Notes are not insured by any deposit insurance agency and are fully subject to the credit risk of Bank of Montreal.
Bank of Montreal is offering US$511,000 of senior medium-term Callable Barrier Notes due February 10, 2028, linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index. These unsecured notes pay a monthly contingent coupon of 0.8917% (about 10.70% per year) only if all three indices stay at or above 70% of their initial levels on each observation date.
Beginning August 5, 2026, the bank may redeem the notes in whole on any observation date, returning principal plus any due coupon. If the notes are not called and any index finishes below its 70% trigger level at maturity, repayment of principal is reduced in line with the worst index’s loss and can fall to zero. The estimated initial value is $985.13 per $1,000 principal, reflecting dealer compensation and hedging costs.
Bank of Montreal is issuing US$2,760,000 of senior autocallable barrier notes due February 12, 2029, linked to the worst performer among Microsoft, Micron Technology and NVIDIA shares. The notes are unsecured obligations of BMO and are not insured by any deposit insurance scheme.
Investors may receive quarterly contingent coupons at 6.825% per quarter (about 27.30% per year) only if each stock closes at or above its coupon barrier level, set at 55% of its initial level, on the relevant observation dates. Missed coupons can be paid later under a “memory” feature if all stocks recover above their barriers.
Beginning May 7, 2026, the notes are automatically redeemed if all three stocks are at or above their initial levels, returning principal plus any due coupons. If the notes are not called and any stock ends below its 55% trigger level at maturity, investors receive shares (or cash equivalent) of the worst-performing stock, which can be worth significantly less than principal, including a total loss. Estimated initial value is $4,778.30 per $5,000 of principal, reflecting structuring and hedging costs, and the supplement highlights extensive structural, market and tax risks.
Bank of Montreal is offering senior fixed-rate medium-term notes due February 10, 2031 that pay 4.20% per year. Each note has a $1,000 principal amount, pays interest in cash semi-annually every February 24 and August 24, and returns principal at maturity unless redeemed earlier.
The bank may redeem the notes in whole, at par plus accrued interest, on specified semi-annual dates from February 24, 2027 through August 24, 2030. The notes are unsecured, not insured by any deposit insurance scheme, will not be listed on any exchange, and may have limited secondary market liquidity. They are also bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares or written down in a resolution scenario, exposing holders to bank credit and resolution risk.
Bank of Montreal is offering $12,000,000 of 5.10% senior medium-term Notes, Series K, due February 10, 2038. Each Note has a $1,000 principal amount and pays fixed interest semi-annually on February 10 and August 10, starting August 10, 2026.
The bank may redeem the Notes, in whole only, at 100% of principal plus accrued interest on any February 10 or August 10 from February 10, 2028 through August 10, 2037. The Notes are unsecured, not listed on any exchange, and subject to Canadian bail-in powers, meaning they can be converted into common shares or varied or extinguished under the CDIC Act in a resolution scenario.
Underwriting discounts total $129,000, providing $11,871,000 in proceeds to Bank of Montreal. Investors face interest rate risk, credit risk, limited liquidity, potential early redemption, dealer conflicts of interest, and the possibility of bail-in conversion, as outlined in the risk considerations.
Bank of Montreal is offering $4,145,000 of S&P 500® Index-linked notes that pay no interest and are designed to be held to the April 12, 2028 maturity date.
For each $1,000 note, investors get 160% upside participation in the index, capped at a maximum settlement amount of $1,260.00. A 15.00% buffer protects principal against moderate declines, but if the index falls more than 15.00%, repayment is reduced by about 1.1765% for every 1% drop beyond the buffer, and investors can lose some or all principal.
The notes are unsecured obligations of Bank of Montreal, are not bail-inable, will not be listed on any exchange, and carry tax and valuation complexities. The initial estimated value is $996.26 per $1,000, lower than the original issue price, reflecting structuring and hedging costs.
Bank of Montreal’s MicroSectors FANG+ -3X Inverse ETNs (FNGD) are highly complex, unsecured notes that provide three-times inverse daily exposure to the NYSE FANG+ gross total return index. They pay no interest and do not protect principal, so holders can lose their entire investment.
The ETNs reset leverage daily, creating strong path dependence and a “decay” effect that can erode value even if the index is flat or declines over time. A 1‑for‑10 reverse split became effective on February 9, 2026, with 1,500,000 notes expected outstanding, each with a principal amount of $1,000,000.
Bank of Montreal may call all notes at its option, and investors can request early redemption subject to a 25,000‑note minimum and a 0.125% redemption fee. A 0.95% annual investor fee and any negative daily interest further reduce returns, making the ETNs suitable only for sophisticated, actively trading investors.
Bank of Montreal provides updated terms for its Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040, linked to the S-Network MicroSectors Gold Miners Index. The notes offer daily -3x leveraged inverse exposure to ETFs GDX and GDXJ, but include a 0.95% annual Daily Investor Fee, variable Daily Interest and potential Redemption Fee.
Each note now has a $50,000 principal amount after multiple reverse splits, with 2,500,000 notes expected outstanding, representing $125,000,000,000 in aggregate principal. The product is designed only for sophisticated traders using short-term strategies, can decay rapidly over time, does not guarantee principal, and may go to zero, with all payments subject to Bank of Montreal’s credit risk.
Bank of Montreal is offering US$44,364,000 of Senior Medium-Term Notes, Series K, maturing January 26, 2029, whose return is linked to the common stock of General Dynamics Corporation. The notes pay quarterly interest of 0.25% (about 1.00% per year) on a $1,000 minimum denomination.
At maturity, holders receive either $1,000 in cash or, if the stock has risen enough, a share-based Alternative Redemption Amount equal to a Share Exchange Amount of 2.27743183 times the Final Level. Because of a 1.198 Conversion Premium Amount (a 19.80% premium), payments above $1,000 occur only if the Final Level exceeds the Initial Level of $366.5201 by more than 19.80%. The notes are unsecured obligations of Bank of Montreal, are not exchange-listed, are subject to dividend and Extraordinary Event adjustments, and had an estimated initial value of $988.20 per $1,000 on the pricing date, below the price to the public.
Bank of Montreal is offering US$1,001,000 of senior medium-term Capped Barrier Enhanced Return Notes due February 09, 2028, linked to the common stock of Salesforce, Inc. The notes provide 200.00% leveraged upside on any stock appreciation, capped at a Maximum Redemption Amount of $1,760.50 per $1,000 in principal (a 76.05% maximum return).
If Salesforce’s final stock level is below the Initial Level of $196.38 but at or above the Barrier Level of $157.10 (80.00% of the Initial Level), investors receive only their $1,000 principal. If the final level falls below the Barrier Level, repayment is reduced 1% for each 1% decline from the Initial Level, down to a possible total loss of principal.
The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any securities exchange. The estimated initial value is $983.54 per $1,000, reflecting offering, structuring, and hedging costs that make the public price higher than the bank’s internal valuation.
Bank of Montreal is issuing US$1,473,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due February 09, 2029. The notes are linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index.
Investors may receive contingent semiannual coupons at 4.535% (about 9.07% per year) if on an observation date each index is at or above its coupon barrier, set at 75% of its initial level. Missed coupons can be paid later under a memory feature if barriers are later met.
Beginning August 05, 2026, the notes are automatically redeemed if all three indexes are above their initial levels, returning principal plus due coupons. If held to maturity without autocall, investors receive full principal only if no trigger event occurs. A trigger event happens if any index finishes below 75% of its initial level, in which case repayment is reduced in line with the loss on the worst-performing index and can be zero. The estimated initial value is $965.75 per $1,000 principal, below the issue price, reflecting fees and hedging costs.
Bank of Montreal is offering US$3,090,000 of Senior Medium‑Term Notes, Series K, autocallable barrier notes with contingent coupons due February 09, 2029. The notes are linked to the least performing of the State Street Energy (XLE), Consumer Staples (XLP) and Real Estate (XLRE) Select Sector SPDR ETFs.
The notes pay a contingent coupon of 2.75% per quarter (about 11.00% per year) only if each ETF closes on or above its coupon barrier, set at 70% of its initial level. Starting in August 2026, the notes auto‑redeem if each ETF is at or above its initial level, returning principal plus the due coupon.
If the notes are not called and any ETF finishes below its 70% trigger level on the valuation date, repayment of principal is reduced one‑for‑one with the percentage loss of the worst‑performing ETF, potentially to zero. The estimated initial value is $976.78 per $1,000 principal, below the issue price, reflecting fees and hedging costs.
Bank of Montreal is offering US$685,000 of senior medium‑term autocallable barrier notes due February 9, 2029, linked to the least performing of the State Street Energy (XLE), Consumer Staples (XLP) and Real Estate (XLRE) Select Sector SPDR ETFs.
The notes pay a contingent coupon of 2.425% per quarter (about 9.70% per year) only if each ETF closes on or above its coupon barrier on the observation dates. Starting August 5, 2026, the notes are automatically redeemed if each ETF is at or above its initial level, returning principal plus the coupon.
If not called and no ETF finishes below its 70% trigger level, investors receive full principal at maturity plus any final coupon. If any ETF ends below its trigger level, principal is reduced in line with the loss on the worst ETF, potentially down to zero. The notes are unsecured obligations of Bank of Montreal, with an estimated initial value of $963.97 per $1,000 face amount on the pricing date.
Bank of Montreal is issuing $6,300,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due January 27, 2031. Each note has a $1,000 principal amount and pays 4.40% per annum, with interest paid semi-annually on February 9 and August 9, starting August 9, 2026.
The notes are callable at 100% of principal plus accrued interest on semi-annual optional redemption dates from February 9, 2027 through August 9, 2030. They are unsecured, bail-inable obligations of Bank of Montreal, not insured by any deposit insurance agency, and will not be listed on any securities exchange.
The original issue price is $1,000 per note, including a $10 underwriting discount, providing net proceeds to Bank of Montreal of $6,237,674.10. Investors face credit risk of the bank, potential bail-in conversion into common shares under the Canada Deposit Insurance Corporation Act, call risk, and limited or no secondary market liquidity.
Bank of Montreal is offering Capped Leveraged Index Return Notes linked to the MSCI Emerging Markets Index. Each note has a $10 principal amount, a term of about two years to February 2028, and is a senior unsecured obligation not insured by Canadian or U.S. deposit insurers.
The notes provide 200% leveraged upside, but returns are capped at a Capped Value between $11.65 and $12.05 per unit, representing 16.50% to 20.50% over principal. If the index finishes below 90% of its starting level, investors lose principal, down to a minimum redemption of $1 per unit in the illustrated scenarios.
The public offering price is $10.00 per unit, including a $0.20 underwriting discount and an additional hedging-related charge of $0.05 per unit. The initial estimated value is expected between $9.00 and $9.42 per unit, reflecting BMO’s internal funding rate, structuring costs, and hedging arrangements.
The notes expose investors to risks of emerging markets equities, including political and economic instability, currency restrictions, less robust legal protections, and more volatile and less liquid markets. Payments at maturity depend entirely on index performance and BMO’s credit, and the notes will not be listed on any securities exchange.
Bank of Montreal is issuing US$924,000 of senior medium-term Contingent Risk Absolute Return Buffer Notes due January 6, 2028, linked to the S&P 500 Index. These unsecured notes pay no interest and all payments depend on Bank of Montreal’s credit.
Investors get 1-to-1 upside exposure to S&P 500 gains, capped at a Maximum Redemption Amount of $1,122 per $1,000 (a 12.20% maximum return). If the index finishes below its initial level but at or above 70% of that level, holders earn a 50% leveraged positive return on the decline, up to a Maximum Downside Redemption Amount of $1,150 (15.00% return.
If the index falls more than 30% from its initial level, principal loss is 1% for each extra 1% drop, up to a 70% loss. The notes will not be listed, are sold in $1,000 minimum denominations, and are priced at 100% of principal with a 0.375% selling commission. The estimated initial value is $985.95 per $1,000.
Bank of Montreal is issuing US$4,440,000 of Senior Medium‑Term Notes, Series K, Digital Return Barrier Notes due February 9, 2027, linked to the least performing of the S&P 500 Index, Russell 2000 Index and Nasdaq‑100 Technology Sector Index.
The notes offer a fixed 10.76% digital return per $1,000 if the worst index finishes at or above 70% of its initial level. If the least performing index falls more than 30%, investors lose 1% of principal for each 1% decline and can lose their entire investment. The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, and will not be listed on an exchange. Initial estimated value is $988.31 per $1,000, with a 0.20% agent commission and 99.80% proceeds to the issuer.
Bank of Montreal is offering $711,000 of senior Medium-Term Notes, Series K, autocallable buffer notes with step-up call amounts due January 8, 2029, linked to the least performing of the VanEck Gold Miners ETF (GDX) and SPDR S&P Metals & Mining ETF (XME).
The notes can be automatically redeemed beginning February 9, 2027 if both ETFs are at or above their initial levels, paying principal plus call amounts that target about 20% per annum. If never called, a 15% downside buffer applies; below that, principal is reduced one-for-one with further declines. The estimated initial value is $937.14 per $1,000, and the notes are unsecured and not insured by deposit protection schemes.
Bank of Montreal is offering US$1,288,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due August 06, 2027. The notes are linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and iShares Silver Trust.
Investors may receive a monthly contingent coupon of 1.3333% ($13.333 per $1,000) if on an observation date each reference asset is at or above its coupon barrier, set at 60% of its initial level. Missed coupons can be paid later under a memory feature if barriers are later met.
Beginning August 03, 2026, the notes auto-redeem if each reference asset is at or above its initial level, returning principal plus due coupons. If held to maturity without auto-call, principal is protected only if no trigger event occurs; a trigger happens if any final level is below 50% of its initial level.
If a trigger event occurs, repayment is reduced in proportion to the loss on the least performing asset, potentially resulting in loss of the entire principal. The estimated initial value is $973.14 per $1,000, below the $1,000 issue price, and the notes are unsecured, uninsured obligations of Bank of Montreal.
Bank of Montreal is issuing unsecured, equity-linked notes tied to an unequally weighted basket of five international indices: EURO STOXX 50 (38%), TOPIX (26%), FTSE 100 (17%), SMI (11%) and S&P/ASX 200 (8%). The notes have a principal amount of $1,000, an original issue price of $1,000 and total issuance of $3,925,000, and do not pay interest.
At maturity on January 7, 2028, investors receive: up to $1,240.50 per $1,000 if the basket rises enough to hit the cap level (109.62% of the initial basket level); 250% participation on positive basket returns below the cap; full principal back if the basket is down but not below the 15% buffer; and a leveraged loss of about 1.1765% of principal for each 1% the basket falls beyond the 15% buffer. The initial estimated value is $986.54 per $1,000, and the notes are not listed, not insured and fully subject to Bank of Montreal’s credit risk.
Bank of Montreal is offering $2,750,000 of senior medium-term Notes, Series K, due February 6, 2041. Each Note has a $1,000 principal amount and pays a fixed interest rate of 5.25% per annum in U.S. dollars.
Interest is paid annually on February 6, starting in 2027, until maturity or earlier redemption. Bank of Montreal may redeem the Notes, in whole but not in part, at 100% of principal plus accrued interest on quarterly Optional Redemption Dates from February 6, 2029 through November 6, 2040.
The Notes are unsecured obligations of Bank of Montreal, are not insured by any deposit insurance agency, and will not be listed on any securities exchange, so liquidity may be limited. They are bail-inable under the Canada Deposit Insurance Corporation Act and may be converted into common shares or varied or extinguished in a resolution scenario.
The original issue price is $1,000 per Note, with a $19 underwriting discount and $981 in proceeds to Bank of Montreal per Note, for total proceeds of $2,703,140. Key risks include interest rate risk, issuer credit risk, call risk, potential lack of a trading market and dealer hedging and conflicts of interest.
Bank of Montreal is offering senior, unsecured, bail-inable fixed rate notes due February 25, 2041 with a principal amount of $1,000 per Note. The Notes pay 5.20% per annum, with interest paid annually each February 25, starting in 2027.
The bank may redeem the Notes early, in whole but not in part, at 100% of principal plus accrued interest on quarterly optional redemption dates beginning February 25, 2028. If not redeemed, investors receive $1,000 per Note plus accrued interest at maturity.
The Notes are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares of Bank of Montreal or its affiliates, or varied or extinguished, in a resolution scenario. They are not insured by U.S. or Canadian deposit insurance, will not be listed on any exchange, and a secondary market is not assured.
The original issue price is $1,000 per Note, including a $40 underwriting discount, resulting in $960 in proceeds to Bank of Montreal per Note. The Notes are expected to be treated as debt without original issue discount for U.S. federal tax purposes.
Bank of Montreal is offering senior Medium-Term Notes, Series K, which are bail-inable, fixed-rate debt maturing on February 25, 2036. Each Note has a $1,000 principal amount and pays 5.00% per annum, with annual interest payments each February 25 starting in 2027.
The Notes may be redeemed by Bank of Montreal, in whole but not in part, at 100% of principal plus accrued interest on quarterly call dates beginning August 25, 2027. The original issue price is $1,000 per Note, including a $30 underwriting discount, resulting in $970 in proceeds to Bank of Montreal per Note. The Notes are unsecured, not insured by any deposit insurer, will not be listed on any exchange, and are subject to Canadian bail-in powers, meaning they can be converted into common shares or varied or extinguished under the CDIC Act.
Bank of Montreal is offering Capped Leveraged Index Return Notes linked to the Russell 2000 Index, with a $10 principal amount per unit and a term to February 2028. These unsecured senior notes provide 200% leveraged upside to index gains, subject to a capped value between $11.975 and $12.375 per unit.
Investors are protected down to 90% of the Starting Value; below this Threshold Value, principal losses match index declines and can reach 90%. The initial estimated value is expected between $9.10 and $9.52 per unit, below the $10 public price, reflecting a $0.20 underwriting discount and a $0.05 hedging-related charge.
The notes are not principal-protected, are subject to BMO’s credit risk, will not be listed on any exchange, and are tied to the small-cap Russell 2000, which can be more volatile and less liquid than large-cap indices.
Bank of Montreal is offering principal-at-risk notes linked to the S&P 500® Index that pay no interest and are designed to be held to maturity. The notes run for an expected 26 to 29 months, with payment at maturity based on index performance.
If the index gains, investors receive 160% of the index return, capped at a maximum settlement amount expected between $1,215.84 and $1,253.92 per $1,000 note. If the index falls by up to 15.00%, investors receive their principal back. Below that 85.00% buffer level, principal is reduced at roughly 1.1765% for every 1% additional decline, and investors could lose all principal.
The notes are unsecured obligations of Bank of Montreal, are not insured by any government agency, and will not be listed on any exchange. The estimated initial value is expected between $969.00 and $999.00 per $1,000 note, reflecting structuring and hedging costs and potential dealer profits.
Bank of Montreal is offering unsecured, S&P 500® Index-linked notes that pay no interest and are designed to be held to maturity. Your payoff depends on the index level on a future determination date roughly 27–30 months after pricing.
If the final index level is at or above 85% of its initial level, you receive a fixed threshold settlement amount, expected to be $1,158.50–$1,186.40 per $1,000 note. If it falls below 85%, you lose about 1.1765% of principal for every 1% decline below that level, up to a total loss.
The notes will not be listed on any exchange, their estimated initial value is expected between $969.00 and $999.00 per $1,000, and all payments are subject to Bank of Montreal’s credit risk. The tax treatment is complex and may change, and the notes are not insured or bail-inable.
Bank of Montreal is offering S&P 500® Index-linked, unsecured notes that do not pay interest and are designed to be held to maturity. Each note has a $1,000 principal amount and offers 160% upside participation in index gains, subject to a maximum settlement amount expected between $1,131.84 and $1,155.04 per note.
The structure includes a 10% buffer: if the index falls by up to 10%, investors receive full principal back; below that level, they lose about 1.1111% of principal for every 1% drop beyond the 10% buffer, with the potential for total loss. The notes will not be listed on any exchange, have an estimated initial value between $969 and $999 per $1,000 principal, and all payments depend on Bank of Montreal’s creditworthiness.
Bank of Montreal is offering an additional $5,002,250 principal amount of its Travel -3X Inverse Leveraged ETNs due May 29, 2042, increasing total outstanding notes to $50,000,000 across 200,000 notes at $250 principal each. These exchange-traded notes, listed on the NYSE under ticker FLYD, provide three-times inverse daily exposure to the MerQube U.S. Travel Index, less a 0.95% per annum Daily Investor Fee, any negative Daily Interest, and, on holder redemptions, a 0.125% Redemption Fee Amount.
The product is explicitly positioned as a short-term daily trading tool, not a buy-and-hold investment, and is highly sensitive to daily index moves, path dependency and volatility “decay,” which can cause large losses even if the index falls over time. The notes pay no interest, are unsecured senior debt of Bank of Montreal, and any payment depends on the bank’s credit. If the Indicative Note Value ever reaches zero intraday or at close, it remains zero for the life of the notes, resulting in a total loss.
Bank of Montreal is offering an additional $75,004,250 in FANG & Innovation -3X Inverse Leveraged ETNs (BERZ), increasing the total outstanding principal of this tranche to $1.75 billion, or 7,000,000 notes expected to be outstanding as of February 4, 2026.
The notes provide three-times daily inverse exposure to the Solactive FANG Innovation Index, a total return index of 15 large-cap U.S. technology stocks including Alphabet, Amazon, Apple, Meta, Microsoft, Netflix, NVIDIA and Tesla. Performance is reset daily and designed only for short-term, sophisticated trading use.
Each note has a principal amount of $250 (after a prior reverse split), bears no interest, and matures June 28, 2041, subject to issuer call and holder redemption features. Returns are reduced by a 0.95% annual Daily Investor Fee, potential negative Daily Interest, and a 0.125% redemption fee, and investors may lose some or all of their principal. The notes are unsecured, unsubordinated obligations of Bank of Montreal and are listed on NYSE Arca under ticker BERZ.
Bank of Montreal is offering unsecured structured notes linked to the price performance of the iShares 20+ Year Treasury Bond ETF (TLT). The notes have a $1,000 principal amount, pay no interest, and are designed to be held to the stated maturity date of February 12, 2027.
If the ETF’s final level is at least 90% of the initial level of $86.55, holders receive a fixed threshold settlement amount of $1,059.20 per note. Below that threshold, principal is reduced by about 1.1111% for every 1% decline beyond the 10% buffer, which can lead to a full loss of principal. The notes’ estimated initial value is $988.50 per $1,000, they are not insured, will not be listed on any exchange, and all payments depend on the credit of Bank of Montreal.
Bank of Montreal is offering US$500,000 of senior market-linked notes tied to the Russell 2000® Index, maturing on February 5, 2029. These unsecured notes pay no interest and return principal at maturity even if the index falls.
If the index rises, investors receive 1-to-1 upside, capped at a 23.55% Maximum Return, for a maximum redemption of $1,235.50 per $1,000. The price to the public is 100% of principal, with a 0.25% selling commission and an estimated initial value of $981.50 per $1,000, reflecting structuring and hedging costs. Key risks include Bank of Montreal credit risk, lack of liquidity, capped upside, potential secondary-market discounts and complex U.S. tax treatment as a contingent payment debt instrument.
Bank of Montreal is issuing US$518,000 of Senior Medium-Term Notes, Series K, market-linked notes due August 5, 2030, tied to the S&P 500® Index. The notes offer 1-to-1 upside exposure to index gains, capped at a Maximum Redemption Amount of $1,380 per $1,000 principal, a 38% maximum return.
If the index ends at or below its initial level, investors receive only the $1,000 principal per note, with no loss of principal but also no interest. The notes are unsecured obligations of Bank of Montreal, subject to its credit risk, and had an estimated initial value of $986.33 per $1,000 on the pricing date.
Bank of Montreal is offering US$288,000 of senior Market Linked Notes tied to the S&P 500® Index, maturing on August 4, 2031. The notes provide 1‑to‑1 upside exposure to the index, but gains are capped at a 40.00% Maximum Return, for a Maximum Redemption Amount of $1,400 per $1,000 principal.
If the S&P 500 Final Level is at or below its Initial Level of 6,939.03, investors receive only their principal back, with no additional return. The notes pay no interest, are not exchange‑listed, and all payments depend on Bank of Montreal’s credit. The price to the public is 100% of principal, including a 3.00% agent’s commission, while the bank’s estimated initial value is $950.33 per $1,000, reflecting structuring and hedging costs.
Bank of Montreal is issuing US$667,000 of senior unsecured medium-term notes linked to the S&P 500® Index, offering equity-linked exposure with limited upside and conditional downside protection.
The notes pay no interest and mature on April 21, 2027. If the index is at or above its initial level on the valuation date, investors receive a 5.80% digital return, or $1,058 per $1,000. If the index is below the initial level but at or above 94.20% of it, holders receive the 5.80% digital return plus participation in the decline, up to $1,116 per $1,000. If the index closes between 80.00% and 94.20% of its initial level, the payoff tracks the index decline but is capped at a maximum of $1,200 per $1,000 (a 20.00% gain).
If the index falls more than 20.00% from its initial level, principal is exposed 1-for-1 beyond that buffer, and investors can lose up to 80.00% of principal. The notes are unsecured obligations of Bank of Montreal, are not insured, will not be listed on an exchange, and have an estimated initial value of $989.44 per $1,000, below the public offering price due to commissions, hedging costs and fees.
Bank of Montreal is issuing US$509,000 of Senior Medium-Term Notes, Series K, Digital Contingent Risk Absolute Return Buffer Notes due April 21, 2027, linked to the SPDR S&P 500 ETF Trust (SPY). The notes offer a digital return of 5.85% if SPY’s final level is at or above its initial level.
If SPY finishes below the initial level but at or above 94.15% of it, holders receive the 5.85% digital return plus participation in the decline, up to $1,117 per $1,000. If SPY ends between 80% and 94.15% of the initial level, investors participate in the absolute decline up to a maximum redemption of $1,200 per $1,000 (a 20% gain).
If SPY falls more than 20% from its initial level, investors lose 1% of principal for each additional 1% drop, down to as little as $200 per $1,000. The notes pay no interest, are unsecured obligations of Bank of Montreal, and are not insured by any deposit insurance scheme. Estimated initial value is $989.76 per $1,000, with 0.50% agent’s commission and 99.50% of proceeds to Bank of Montreal.
Bank of Montreal is offering US$1,345,000 of Senior Medium-Term Notes, Series K, capped buffer notes due February 5, 2029, linked to Alphabet Inc. Class C stock. The notes provide 1-to-1 upside exposure to Alphabet, but gains are capped at a Maximum Redemption Amount of $1,761 per $1,000 (a 76.10% maximum return).
The notes include a 15% downside buffer: if Alphabet’s final level is at least 85% of its initial $338.53 level, investors receive principal back. Below that buffer, principal is reduced 1% for each 1% additional decline, with up to 85% loss of principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and carry both BMO credit risk and liquidity risk. The price to public is 100% of principal, with a 3.60% agent commission and 96.40% proceeds to BMO. The estimated initial value is $951.25 per $1,000, reflecting offering, structuring and hedging costs.
Bank of Montreal is issuing US$2,191,000 of Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due February 5, 2029, linked to the S&P 500, Russell 2000 and Dow Jones Industrial Average. These notes offer a 20.01% fixed “Digital Return” if the least performing index is at or above 70% of its initial level at maturity, or full upside participation when that index gains more than 20.01%.
If the least performing index falls more than 30% (below 70% of its initial level), investors lose 1% of principal for each 1% decline, up to a total loss. The notes pay no interest, are unsecured obligations of Bank of Montreal, and had an estimated initial value of $974.89 per $1,000 on the pricing date, reflecting offering and hedging costs.
Bank of Montreal is issuing US$1,839,000 of Series K senior medium‑term capped buffer notes linked to the S&P 500 Index, maturing on February 4, 2027. These unsecured notes offer 1‑to‑1 upside exposure to the index but cap total return at 6.20%, or $1,062 per $1,000.
If the S&P 500 falls by up to 30% from the initial level of 6,939.03, investors receive their $1,000 principal at maturity. If it falls more than 30%, principal is reduced 1% for each additional 1% decline, with losses up to 70% of principal.
The notes pay no interest, will not be listed on an exchange, and are subject to Bank of Montreal’s credit risk. The bank’s estimated initial value is $986.80 per $1,000, below the public issue price, reflecting structuring, distribution and hedging costs. Proceeds to Bank of Montreal are shown as $1,829,805 after a 0.50% agent’s commission.
Bank of Montreal is offering US$1,690,000 of Senior Medium-Term Notes, Series K, Capped Buffer Enhanced Return Notes due February 4, 2028, linked to the iShares MSCI EAFE ETF. These notes provide 200% leveraged upside on any gain in the ETF, but gains are capped.
The Maximum Redemption Amount is $1,340 per $1,000 of principal, a maximum return of 34%. A 10% downside buffer applies, but if the ETF falls more than 10% from the Initial Level of $100.74, investors lose 1% of principal for each additional 1% decline, up to a 90% loss.
The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange. The estimated initial value is $1,021.26 per $1,000, higher than the public issue price of 100% due to internal valuation and hedging assumptions. Investors face issuer credit risk, market risk tied to foreign equities and currencies, liquidity risk, and tax uncertainty.
Bank of Montreal is issuing US$1,309,000 of Senior Medium‑Term Notes, Series K, Capped Buffer Enhanced Return Notes due February 4, 2028, linked to the Russell 2000® Index. The notes offer 200.00% leveraged upside on index gains, but the payment at maturity is capped at a Maximum Redemption Amount of $1,291.60 per $1,000 in principal, a 29.16% maximum return.
The structure includes a 10.00% downside buffer: if the index falls by no more than 10% from its Initial Level of 2,613.743, investors receive their $1,000 principal back. If the Final Level is below 90% of the Initial Level (Buffer Level 2,352.369), investors lose 1% of principal for each 1% additional decline, up to a 90.00% loss.
The notes pay no interest, will not be listed on any exchange, and are unsecured obligations of Bank of Montreal, exposing holders to the bank’s credit risk. The price to the public is 100% of principal, with a 0.70% agent’s commission and 99.30% proceeds to Bank of Montreal. The estimated initial value is $988.70 per $1,000, reflecting offering, structuring and hedging costs.
Bank of Montreal is offering US$2,513,000 of senior medium-term notes linked to the State Street SPDR S&P 500 ETF (SPY), maturing February 4, 2028. The notes provide 200% leveraged upside on any gain in SPY, but total return is capped at a Maximum Redemption Amount of $1,214 per $1,000 of principal (a 21.40% maximum gain). If SPY falls up to 10% from the Initial Level of $691.97, investors receive only their principal back. Below the 10% buffer (a Buffer Level of $622.77), investors lose 1% of principal for each additional 1% decline and can lose up to 90% of principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on any exchange, and their value is subject to the bank’s credit risk and to secondary market and hedging costs. The estimated initial value is $989.67 per $1,000, below the $1,000 price to the public, reflecting offering, structuring and hedging costs.
Bank of Montreal is issuing US$442,000 of senior medium-term capped barrier enhanced return notes linked to the Russell 2000® Index. These unsecured notes offer 200% leveraged upside on index gains, capped at a 16.25% maximum return, and do not pay periodic interest.
If the index falls more than 15% from the initial level, investors lose 1% of principal for each additional 1% decline and can lose their entire investment at maturity. A 15% buffer preserves principal for moderate declines. The notes are not listed, carry Bank of Montreal credit risk, and had an estimated initial value of $970.70 per $1,000 on pricing.
Bank of Montreal is issuing US$2,425,000 of senior Medium-Term Notes, Series K, as autocallable barrier notes with memory coupons due May 4, 2027, linked to the S&P 500, NASDAQ-100 and Russell 2000 indexes.
The notes pay a contingent coupon of 0.925% per month (about 11.10% per year) on observation dates when all three indexes close at or above their coupon barrier levels, with unpaid coupons potentially paid later under a memory feature. Beginning July 30, 2026, the notes redeem early at par plus due coupons if all indexes are at or above their initial levels.
If not called, investors receive full principal at maturity unless a trigger event has occurred and the least-performing index finishes below its initial level, in which case repayment is reduced one-for-one with that index’s loss and can be zero. The notes are unsecured obligations, not insured deposits, and their estimated initial value is $985.85 per $1,000 in principal.
Bank of Montreal is offering US$1,696,000 of Senior Medium-Term Notes, Series K Barrier Enhanced Return Notes due February 5, 2029, linked to the least performing of the S&P 500 Index and the Nasdaq-100 Technology Sector Index.
The notes provide 132% leveraged upside on any positive performance of the worst-performing index, but if that index falls more than 30% from its initial level, investors lose 1% of principal for each 1% decline and can lose their entire investment. The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, and will not be listed on an exchange.
The price to the public is 100% of principal, with a 0.25% agent’s commission and 99.75% proceeds to Bank of Montreal. The estimated initial value is $982.04 per $1,000, reflecting structuring and hedging costs.
Bank of Montreal is issuing $3,705,000 of Senior Medium-Term Notes, Series K, in the form of Callable Barrier Notes with Contingent Coupons due February 5, 2029. These notes are linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index.
Investors may receive semiannual contingent coupons at a rate of 4.075% per period (approximately 8.15% per year) if, on each observation date, all three indices are at or above their coupon barrier levels, set at 60% of their respective initial levels. The issuer can call the notes in whole, beginning July 31, 2026, paying principal plus any due coupon on the call settlement date.
If the notes are not called and no trigger event occurs, investors receive full principal at maturity plus any final coupon. A trigger event occurs if, on the valuation date, the final level of any index is below its trigger level, also set at 60% of its initial level; in that case, repayment is reduced in proportion to the loss of the least performing index and can be zero. The estimated initial value is $981.97 per $1,000 of principal, reflecting structuring and hedging costs.
Bank of Montreal is offering US$1,831,000 of Series K senior medium‑term barrier notes due February 5, 2029, linked to the Russell 2000® Index and the S&P 500® Index.
The notes pay a contingent coupon of 4.20% per semiannual period (approximately 8.40% per annum) only if, on each observation date, both indices are at or above 75% of their initial levels. At maturity, investors receive full principal back if no trigger event occurs. If either index finishes below its 75% trigger level, repayment is reduced one‑for‑one with the percentage loss of the worst‑performing index, and can fall to zero.
The notes are unsecured obligations of Bank of Montreal, not insured by any deposit insurance scheme. The estimated initial value is $975.57 per $1,000 principal amount, reflecting structuring and hedging costs, and the issuer expects to treat the notes as pre‑paid contingent income‑bearing derivative contracts for U.S. federal tax purposes.
Bank of Montreal is offering US$3,538,000 of senior medium-term autocallable barrier notes due February 4, 2028, linked to the Class A common stock of CrowdStrike Holdings, Inc. (CRWD).
The notes pay a 2.8875% contingent coupon per quarter (about 11.55% per year) when CrowdStrike’s share price is at or above the $220.70 coupon barrier on observation dates. The notes can be automatically redeemed starting April 29, 2026 if the stock closes at or above its initial level of $441.41, returning principal plus the coupon. If not called and the final stock level is below the $220.70 trigger, investors receive shares (or cash) worth less than their principal, potentially down to zero. The estimated initial value is $972.27 per $1,000 face amount, reflecting fees and hedging costs.
Bank of Montreal is offering US$1,068,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due March 4, 2027, linked to the capital stock of The Campbell’s Company (CPB).
The notes pay a 0.875% monthly contingent coupon (approximately 10.50% per year) only if CPB’s closing level on each observation date is at or above the coupon barrier of $20.99, which is 75% of the $27.98 initial level. Starting July 30, 2026, the notes are automatically redeemed at par plus any coupon if CPB closes above the call level, set at 100% of the initial level.
If not called and CPB finishes below the $20.99 trigger level on the valuation date, investors receive shares equal to the physical delivery amount (or a cash equivalent), which can be worth substantially less than principal. The notes are unsecured obligations of Bank of Montreal, not insured deposits, and their estimated initial value is $963.31 per $1,000 principal amount.
Bank of Montreal is issuing $1,777,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due February 1, 2029, linked to the Class A common stock of Block, Inc.
The notes pay a contingent coupon of 5.25% per quarter (about 21% per year) if on an observation date Block’s share price is at or above the coupon barrier of $42.30, which is 70% of the $60.43 initial level. Beginning April 28, 2026, the notes are automatically redeemed if the stock closes above the initial level, returning principal plus that period’s coupon. If held to maturity without being called, investors receive full principal only if the final stock level is at or above the $42.30 trigger level; if it is lower, repayment is reduced in line with the stock’s loss and can fall to zero. The estimated initial value is $957.82 per $1,000 principal amount on the pricing date.